ROCKVILLE, MD–Locally-based real estate investment firm CAPREIT has invested in both affordable and market-rate housing over the years but in the last eighteen or so months it has been focusing on the former. The company has pursued low-income housing tax credit (LIHTC) properties on a one-off basis and then it really doubled down on the asset class last summer when it acquired a five-community, 978-unit portfolio of income-restricted properties for $68.5 million.
For investors used to hearing about amenity wars, high-end finishes and the math behind luxury condo development, a company that is focusing on properties on the other end of the spectrum is almost a novelty.
Here, CAPREIT president Andrew Kadish gives his take on this part of the multifamily market and why it works for him.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
